To set out details of the potential for the authority to acquire eight s106 affordable homes on a development site in the district (report of the Portfolio Holder for Assets and Planning and the Executive Director – Commercialisation (S151) enclosed).
(Please note that the appendix to this report is not for publication by virtue of Paragraph 3 (Information relating to the financial or business affairs of any particular person (including the authority holding that information)) in Part 1 of Schedule 12A of the Local Government Act 1972, and is therefore attached to this agenda as item 13).
Consideration was given to the report of the Portfolio Holder for Assets and Planning and the Executive Director – Commercialisation (S151 Officer) which set out details of the potential for the authority to acquire eight s106 affordable homes on a development site in the district.
a) To approve the business case and approve the acquisition of eight homes within Surfleet for the HRA;
b) To delegate to the Executive Director – Commercialisation (S151) to agree the contractual matters (including any terms and conditions which may represent a minor variation to the scheme approved in the business case) such as signing the contract/transfer document and other incidental actions that may be required and approving the associated due diligence and valuation required to purchase the properties;
RECOMMENDED TO COUNCIL:
c) To amend the Capital Programme to identify the project as an approved scheme in the 2021/22 Budget.
(Other options considered:
· Do nothing – under this option, the authority would not proceed to purchase the properties, and as a consequence, the expected benefits listed in Section 9 of the report would not be realised. Officers would seek to identify alternative appropriate schemes for consideration.
Reasons for decision:
· A return on investment, and the generation of capital receipts from the sale of the initial tranche of shared ownership properties;
· The delivery of eight additional dwellings into the HRA;
· Meeting housing need;
· The replacement of homes sold through Right to Buy;
· The new homes could be part-funded from the time limited Right to Buy receipts; and
· Market confidence.)
(The Leader left the meeting at the start of consideration of this item, and did not return to the meeting).